Over the past week, Turkish flat steel producers have preferred to wait and observe the sharp changes seen in global iron ore prices and in the Chinese futures markets, keeping their cold rolled coil (CRC) offers for their domestic market stable in the give period at $615-625/mt ex-works. Meanwhile, Turkish buyers are still concluding deals for producers' CRC products only in line with their needs due to the ongoing depreciation of the Turkish lira against the US dollar.
Meanwhile, both buyers and sellers in the Turkish CRC spot market have maintained a very cautious stance against the backdrop of the sharp changes recorded in the Turkish lira-US dollar exchange rate. As a result, trading activity in the Turkish CRC spot market has declined significantly. Turkish traders have started to offer small discounts depending on the buyer but have refrained from reducing their CRC quotations.
Currently, traders' CRC prices in the local Turkish spot market are as follows:
Product | Price ($/mt) | |
Eregli | Gebze | |
0.6 mm CRC | 630-640 | 640-660 |
0.7-2 mm CRC | 600-610 | 610-630 |
The offers are on ex-warehouse basis, for December delivery, and exclude 18 percent VAT.